Consumer Debt – It’s a Matter of Timing

You’d be surprised how many people sit and wait, or more accurately, actively ignore their growing debt, either out of feelings of embarrassment or because of some hope that it will fix itself, and it’s only when the harassment, threats and relentless pursuit of creditors pushes them into a corner that they finally get the help they need – but by then it’s often the case that the options available have been severely limited to just bankruptcy.

It doesn’t have to be that way! If you have problem debt, or you know a family member or friend is struggling, point them to this page. It might just be that needed push to take positive and effective action against debt while there’s still time.

Interesting infographic. I think it’s important to pay off debts as soon as possible. Once you have ‘rob Visa to pay for Mastercard’ mentality I think you have to make plans to tackle your debts. Nobody wants perpetual debts!

Start with a clear goal that you will pay your debt as soon as possible. People just become hopeless when debt has increased so much. What I did is I got high-paying jobs and other means like blogging, business, and others. I never forget “Step out of my comfort zone!”

Debt can derail your financial health more than anything. Many people see their debt as an overwhelming task to tackle. Even though the snowball method can cost you more in the end, that is the method most people should consider.